PETALING JAYA: Scams continue to cause significant financial and emotional harm in Malaysia, with the latest State of Scam Report (2024) revealing losses amounting to an alarming US$12.8bil (RM53.88bil), which is equivalent to 3% of Malaysia's GDP.
In a recent survey among 1,202 Malaysians, conducted by the Global Anti-Scam Alliance (Gasa), in collaboration with Whoscall and Feedzai, it was found that 70% of scam victims did not report their cases to the authorities.
This marks a 5% decrease from the previous year and highlights growing scepticism about the effectiveness of reporting processes.
The rise of AI-powered scams is particularly concerning, with 25% of Malaysians uncertain about whether artificial intelligence was involved in the scams they encountered.
This gap in awareness leaves Malaysians vulnerable to more sophisticated scams that exploit advanced technology, such as deepfake videos and voice imitation, making them harder to detect.
Scams have become a daily concern for many Malaysians, with 74% of respondents encountering scams at least once a month and 43% noting an increase in scam attempts over the past year.
The emotional toll on the victims is significant, with 57% reporting a strong emotional impact due to their experiences.
Commenting on the report, Gogolook chief operating officer Manwoo Joo emphasised the importance of proactive fraud prevention in today's landscape.
